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Loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 January 2013 Dear sir,

May I borrow loan in cash? & what is the limit during the year for loan in cash?
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Amol S Joglekar

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Amol S Joglekar (Expert)
03 January 2013 As far as possible, avoid CASH loan. 20,000 should be the limit.
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Sulabh Jain

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Sulabh Jain (Expert)
03 January 2013 Section 269SS provides that any loan or deposit shall not be taken or accepted from any other person otherwise than by an account payee cheque or account payee bank draft if, the aggregate amount of such loan and deposit exceeds Rs. twenty thousand rupees.
Thus it is clear that no person can accept any loan or deposit of more than Rs 20000 in cash in a financial year.
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@VaibhavJ

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@VaibhavJ (Expert)
03 January 2013 Hey

Refer S/269SS

Thanks!!
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